The GBP/USD exchange rate has revealed a falling wedge pattern. During Thursday morning, the rate reversed north from the lower pattern line at 1.2190.
From a theoretical point of view, it is likely that the currency pair could continue to trade downwards within the given pattern in the short run. Note that the pair could gain support from the Fibo 38.20% and the weekly S2 in the 1.2166/1.2190 range.
If the given support area holds, it is likely that the British Pound could consolidate against the US Dollar within the following trading session.
